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ECON SA1

PAPASAAAAAAAAAAAA

QuestionAnswer
is one of the social sciences, which consists of that body of knowledge dealing with people and their assets or resources. ECONOMICS
are those that are consumed or are used directly by people, or are things and services which serve to satisfy human needs. Consumer goods
Examples: clothes, shoes, soap, food, tape recorders, houses, medical and dental services, barber and beauty services. Consumer goods
are those which produce goods and services for human consumption, such as electric motors, generators, tools, concrete mixers, busses, airplanes and ships. Producer goods
are those products or services that are required to support human life and activities, that will be purchased in somewhat the same quantity even though the price varies considerably. Necessities
are those products or services that are desired by humans and will be purchased if money is available after the required necessities have been obtained Luxuries
is the quantity of a certain commodity that is bought at a certain price at a given place and time. DEMAND
is the quantity of a certain commodity that is offered for sale at a certain price at a given place and time. SUPPLY
occurs when a decrease in selling price will cause a greater than proportionate increase in the volume of sales. ELASTIC DEMAND
occurs when a decrease in the selling price will cause a less than proportionate increase in sales. INELASTIC DEMAND
occurs when the mathematical product of volume and price is constant. UNITARY ELASTICITY OF DEMAND
occurs in a situation where a commodity or service is supplied by a number of vendors and there is nothing to prevent additional vendors entering in the market. Perfect competition
is the opposite of perfect competition Monopoly
exists when a unique product or service is available from a single vendor and that vendor can prevent the entry of all others into the market. perfect monopoly
exists when there are so few suppliers of a product or service that action by one will almost inevitably result in similar action by the others. Oligopoly
When the use of one of the factors of production is limited, either in increasing cost or by absolute quantity, a point will be reached beyond which an increase in the variable factors will result in a less than proportionate increase in output. THE LAW OF DIMINISHING RETURNS
When free competition exists, the price of a product will be that value where supply is equal to the demand THE LAW OF SUPPLY AND DEMAND
The supply of a commodity varies directly as the price of the commodity, though not proportionally THE LAW OF SUPPLY
The demand for a commodity varies inversely as the price of the commodity, though not proportionally THE LAW OF DEMAND
used to designate a rental amount charged by financial institutions for the use of money. INTEREST
obtained by setting the sum of the values on a certain comparison or focal date of one set of obligations equal to the sum of the values on the same date of another set of obligations. equation of value
consists of a series of equal payments made at equal intervals of time. annuity
occurs one interest period before the first A (uniform payment) P (present worth)
is one where he payments are made at the beginning of each period. annuity due
is an annuity in which the payments continue indefinitely. perpetuity
is one where the first payment is made several periods after the beginning of the annuity. deferred annuity
If the cash flow does not begin until some later date, the annuity is known as a DEFERRED ANNUITY.
of any property is the sum of the first cost and the present worth of all costs of replacement, operation and maintenance for an indefinite period. CAPITALIZED COST
It refers to spreading payments over multiple periods. AMORTIZATION
It is the distribution of payment into multiple cash flow installments, as determined by an ___________ schedule. AMORTIZATION
It is a table detailing each periodic payment on an amortizing loan. AMORTIZATION SCHEDULE
Created by: user-1929129
 

 



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